Global Hydrodesulfurization Catalyst demand is anticipated to be valued at USD 2.89 Billion in 2022, forecast to grow at a CAGR of 5% to be valued at USD 4.71 Billion from 2022 to 2032.
The Hydrodesulfurization Catalyst enables the hydrotreating process in petroleum refineries and natural gas processing plants. Using the Hydrodesulfurization Catalyst, the hydrotreating process removes excess sulfur from the petroleum refining by-products.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 2.76 Billion |
| Expected Market Value (2022) | USD 2.89 Billion |
| Anticipated Forecast Value (2032) | USD 4.71 Billion |
| Projected Growth Rate (2022 to 2032) | 5% CAGR |
Traditionally, the market is driven by growing regulatory norms pertaining to the application of low-sulfur fuels in the major regions of the world. Furthermore, there has been a major shift in the market demand for desulphurization catalysts owing to a positive move towards ultra-low sulfur (ULS) marine fuels, heating oils, and jet fuels.
Germany is considered to be a highly lucrative market for Hydrodesulfurization Catalyst, driven primarily by huge investments made by the refiners in order to upgrade and expand their units with advanced equipment and technologies. Furthermore, German manufacturers are focusing on producing cleaner automotive fuels while meeting the new sulfur emission regulations, such as Euro 4, Euro 5, and Euro 6 specifications and IMO 2020 mandate.
Catalysts used for the removal of sulfur are hydrodesulfurization catalysts. Ruthenium disulfide (RuS2) appears to be the single most active catalyst, but binary combinations of cobalt and molybdenum are also highly active. In practice, most HDS units in petroleum refineries use catalysts based on cobalt-modified molybdenum disulfide (MoS2) together with smaller amounts of other metals.
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Hydrodesulfurization Catalyst is of critical importance in the catalysis-dependent process of hydrodesulfurization. Hydrodesulfurization Catalyst helps carry out the process of hydrodesulfurization effectively, thus helping meet regulatory specifications and environmental norms applicable to refined petroleum products.
The removal of sulfur enabled by the Hydrodesulfurization Catalyst also prevents poisoning of the catalysts used in refinery processes further down the line after hydrodesulfurization. The market for Hydrodesulfurization Catalysts will witness growing demand in direct proportion to the increasing need for hydrodesulfurization (HDS) process for the production of low-sulfur petroleum fuel and other refined products, in view of existing and impending regulatory mandates.
Governments and regulatory bodies, such as the European Union and the International Maritime Organization (IMO), have laid down stringent low-sulfur content regulations for petroleum fuels, especially those used in the marine industry.
The IMO sulfur content cap to be applicable from January 2020 onwards has accelerated the need for sulfur removal capacity in refineries, thereby creating new opportunities for the Hydrodesulfurization Catalyst market. Thus, the market for Hydrodesulfurization catalysts will continue to be driven primarily by demand from the refinery industries.
With the unprecedented outbreak of COVID-19, most of the manufacturing sites and factories had to shut down. This led to a significant decline in the demand for oil. Furthermore, a number of plants started running at reduced rates, hindering the market demand for hydrodesulfurization catalysts. This is the case with major economies of the world, especially in the USA, China, Italy, France, Germany, the United Kingdom, and India, which are some of the worst-hit economies.
The plunge in the demand for oil along with the dropping oil prices and investments in the sector are likely to leave the industry position crucial. The aforementioned pointers, in turn, will severely impact the market growth.
The recent implementation of the International Maritime Organization (IMO) 2020 mandate worldwide aiming to reduce sulfur emissions from ocean vessels by 80% is expected to create significant growth opportunities for the market in Asia Pacific. Asia Pacific is projected to be a significant market for Hydrodesulfurization Catalyst and the trend is expected to continue into the forecast period owing to rapid demand in this region.
The growing demand for refined petroleum products from the fast-growing economies of the region will be a key driver of demand for the Hydrodesulfurization Catalyst market in the Asia Pacific. According to the Oxford Institute for Energy Studies, China is expected to produce over 18 million tons of very low-sulfur fuel oil (VLSFO) by 2020 and increase it to 30 million tons by 2023.
According to Future Market Insights, North America is the largest regional market for hydrodesulfurization catalysts, accounting for a revenue share of 32%. The market is driven by stringent regulations and restrictions related to the harmful effects of sulfur dioxide on human health and the environment.
According to the norms laid by the USA EPA, ultra-low sulfur diesel with a maximum of 15 ppm sulfur content is mandatory for all locomotives and marine vessels in the USA In addition to this, the refineries operating in the USA are projected to further boost the sales of hydrodesulfurization catalysts in the North American market.
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Some of the key participants present in the global Hydrodesulfurization Catalyst market include Albemarle Corporation; Advanced Refining Technologies; Sinopec Corp.; Haldor Topsoe A/S; Royal Dutch Shell PLC; PetroChina Company Limited (CNPC); Axens SA; JGC C&C; Honeywell International Inc.; and Johnson Matthey Plc among others. Attributed to the presence of such a high number of participants, the market is highly competitive.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5% from 2022 to 2032 |
| Market Value in 2022 | USD 2.89 Billion |
| Market Value in 2032 | USD 4.71 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Kilotons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Feedstock, End-Use, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Peru, Chile, Germany, United Kingdom, France, Spain, Italy, Russia, BENELUX, China, Japan, South Korea, GCC Countries, South Africa, Turkey |
| Key Companies Profiled | Haldor Topsoe A/S; Honeywell UOP; W.R. Grace and Company; Albemarle Corporation; Johnson Matthey PLC; Axens S.A; Redkino Catalyst Company; Criterion Catalysts & Technologies |
| Customization | Available Upon Request |
FMI projects the global Hydrodesulfurization Catalyst market to expand at a 5% value CAGR by 2032
North America is expected to be the most opportunistic Hydrodesulfurization Catalyst market, accounting for a market share of 32%.
JGC C&C; Honeywell International Inc.; and Johnson Matthey Plc are some prominent Hydrodesulfurization Catalyst manufacturers.
| Estimated Market Size (2024E) | USD 13964.6 million |
|---|---|
| Projected Market Value (2034F) | USD 31707.5 million |
| Value-based CAGR (2024 to 2034) | 8.5% |
| Market Share (2023) | USD 22,252.3 million |
|---|---|
| Market Share (2033) | USD 36,593.3 million |
| Market Share (2023 to 2033) | 5.1% |
| Expected Market Value in 2023 | USD 35.5 billion |
|---|---|
| Projected Market Value in 2033 | USD 57.5 billion |
| CAGR (2023 to 2033) | 4.93% |
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